Riyadh extended measures to cut oil production by 1 million barrels a day until the end of March

Saudi Arabia has extended voluntary oil production cuts from July until the end of the first quarter of 2024, the Saudi Press Agency reported, citing an official source at Saudi Arabia's energy ministry.

"According to an agreement signed with some OPEC+ members, Saudi Arabia will extend the voluntary production cut of 1 million barrels per day introduced in July 2023 until the end of the first quarter of 2024," the source said.

The source stressed that by the end of March 2024, Saudi Arabia's oil production will be about 9 million barrels per day. "In addition, in order to maintain market stability, these additional production volumes will be gradually restored in accordance with market conditions," it added.